Sometimes the most difficult thing about having debt problems is admitting that you have a problem. No one likes to admit they are struggling with debt and they cannot pay their bills. The second most difficult thing about debt problems is deciding how to handle debt problems. Just because you have been struggling to pay your bills and you are having financial problems does not mean that you cannot get your life back. The good news is that there are people who can help you get your life back.
The Law Office of Travis J. Richards, LLC is here to help you as you tackle your debt problems and get your life back. We will discuss your bankruptcy options and your alternatives to bankruptcy to help you choose the debt relief option that is best for your situation. Contact our office at 609-267-5297 to schedule a free consultation with an experienced debt relief attorney.
Options for Resolving Debt Problems
Our attorney will discuss all of your options to resolve your debt problems. Each case is different; therefore, the options that may apply in one case may not apply in another case. Likewise, an option that works well for another person may not be the best debt relief option for your situation. Regardless, several options are available for you to consider when deciding how to deal with debt problems.
Worst Case Scenario – Do Nothing
It can be overwhelming dealing with debt problems. In many cases, your financial problems were caused by a stressful event such as job loss, medical emergency, divorce or the loss of a spouse. You have been dealing with a very stressful and emotional event that created the debt problems. You may feel as if you cannot handle anything more and you just want to ignore the entire situation.
This is a huge mistake. Your creditors will not ignore the debt and they will not be sympathetic to your situation. Creditors will continue collection efforts including filing lawsuits to collect the debt. If your creditors obtain judgments, you could lose your home and other property. Rather than ignore your debt problems, admit you need help and seek the counsel of an experienced South Jersey bankruptcy attorney.
There are two ways that you can consolidate your debt. The first way is through a debt consolidation loan. You use the equity in your home to borrow money to pay your other debts. The danger with this option is you are trading unsecured debt for secured debt. You still owe the debt but it is now secured by your home. If you are unable to repay the debt, you will lose your home.
The second option is to work with a debt consolidation company. They will say that they can work out a repayment plan with your creditors that you can afford but this is often not the case. Problems with this option include paying large fees to the loan consolidation company and your creditors are not legally required to work with the company on a repayment plan. Creditors can refuse to accept any payment terms and continue to take legal action such as filing lawsuits to collect the full amount owed on the debt. In many cases, people pay thousands of dollars to the loan consolidation company yet they still owe much of the debt they originally owed when they began the process.
Most people who are facing debt problems are eligible to file either a Chapter 7 or a Chapter 13 bankruptcy case. In either case, creditors are prohibited from continuing collection actions as soon as you file the bankruptcy case. Furthermore, creditors are bound by the rules and laws of the Bankruptcy Code; therefore, creditors cannot choose not to participate as they can in a debt consolidation.
Through a bankruptcy case, you can find a permanent solution to your debt problems that erases debt and protects your property. Because each case is different, you need to discuss this option thoroughly with an experienced bankruptcy attorney before deciding to file bankruptcy. We can help you determine if this is your best option, prepare the bankruptcy forms and file your bankruptcy with the court. We will be with you every step of the process as you take control of your debt problems and resolve them once and for all.
Contact an Experienced Mount Holly Bankruptcy Attorney
Personal Approach, Professional Service, Affordable Payment Plans
The Law Office of Travis J. Richards, LLC is a full-service Mount Holly bankruptcy law firm focused on Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, debt consolidation, credit repair, tax liens, student loans and foreclosure. We represent clients in Burlington County and throughout South Jersey.
Contact our office at 609-267-5297 to schedule your free consultation to discuss bankruptcy and non-bankruptcy alternatives. You may also use our convenient online contact form and one of our friendly, professional staff members will contact you to answer your bankruptcy questions and/or schedule a free consultation with Travis J. Richards.
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